The travails of Netflix and of Peloton -- another beneficiary of the so-called "pandemic trade" -- weighed especially on the tech-centered Nasdaq, which suffered the worst losses of the major indices.
Adding to this has been a reranking by investors of some companies that prospered earlier the pandemic when consumers were stuck at home. Netflix added 8.3 million customers from October to December, when it released a heavy lineup of new programming including the star-studded movies "Red Notice" and "Don't Look Up" and a new season of "The Witcher." Industry analysts had projected 8.4 million.
Netflix's subscriber growth in 2022 had been expected to stabilize and return to the pace logged before the pandemic, when it added 27.9 million subscribers in 2019, analysts say.